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5 Ghanaian businesses that have shut down due to economic hardships

Food vendors and shop have closed down due to economic hardships

In the space of two weeks or less, some businesses in Ghana have folded up.

Some of these businesses have shut down permanently, whiles others have closed down some of their branches.

Most of which are food businesses lamented the increasing cost of ingredients.

Inflation hit an all-time high of 37.2% according to the Ghana Statistical Service as of September 2022. Food inflation also recorded above the national average to hit almost 80%.

However, checks by GhanaWeb have revealed that food prices have more than tripled in the last few months.

A world bank report noted that Ghana has the highest food price increase of about 122% in Sub-Saharan Africa.

The cedi’s depreciation has also compounded the woes of businesses who depend partly on imports.

Inflation and the high cost of imports have cause some businesses to shut down.

They are Soul by Villa Grace, Fatty, The Yellow Box, 12inchbaguette, and coppasotto.

One of the five businesses, Soul by Villa Grace explained to customers that: “‘Soul’ was designed to offer comforting and good quality food, at affordable prices. That has been the fundamental basis on which we operated and curated our menus. With the current global and domestic economic crisis, the cost of ingredients is far beyond our imagination. Current food prices, unfortunately no longer make sense for us to sell based on the business model under which we operate.”

“We believe that things will indeed get better, and we will find the stability required to be able to offer you the quality of food Soul was established to curate, once again,” it said.

Another catering business, Fatty has closed its retail space to the general public even though it noted that it will still provide catering services to its patrons.

Meanwhile, Yellow Box, also a food business has closed down two of its branches and is only operating at a single branch.

Reacting to these closures, customers have expressed their utmost disappointment with the outcome of the events.

They also bemoaned the rising cost of living in the country posing a threat to Ghanaian businesses.

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Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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